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Taekyung BK

014580 · KOSPI · ₩014580 · 태경비케이

₩3,580▲ ₩5 (0.14%)End-of-day · Oct 27, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩19,454

vs the current price (₩3,580)

Enterprise value
₩717B
Equity value
₩537B
WACC
6.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 443% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩3,580, the model needs an operating margin of 5.4% every year (it uses 11.0%).
  • Or revenue growth −23.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 3.6× against a typical 5.8× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩8,121
+126.8%
Base
₩19,454
+443.4%
Bull
₩40,488
+1,031.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (11.0%).

Revenue growth

  • 3.8%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

  • 3.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

  • 3.4%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

  • 3.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

Business

  • 11%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 6.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 8.2%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 20.3%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.09, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.61%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩427B
Net debt (borrowings and leases − cash and deposits)
₩47B
+ Stakes and investments
₩55B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩187B
Shares
27,583,100
Share price
₩3,580
Market cap
₩99B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩294B₩309B₩386B₩444B₩459B₩475B₩490B₩505B
Growth−14.7%4.9%25.1%3.8%3.6%3.4%3.2%3.0%
EBIT₩40B₩42B₩41B₩49B₩51B₩52B₩54B₩56B
EBIT margin13.6%13.7%10.6%11.0%11.0%11.0%11.0%11.0%
After-tax EBIT₩29B₩31B₩30B₩35B₩37B₩38B₩39B₩40B
+ Depreciation———₩29B₩30B₩31B₩32B₩33B
− Capital spending₩25B₩31B₩23B₩36B₩38B₩39B₩40B₩41B
− Working capital₩4.7B−₩20B₩21B₩3.3B₩3.2B₩3.2B₩3.1B₩3B
Free cash flow———₩25B₩26B₩27B₩28B₩29B
Discount factor———0.9400.8850.8320.7820.736
Present value———₩23B₩23B₩22B₩22B₩21B

Terminal value ₩824B, worth ₩606B today: 85% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩8,894 a share)Now 0.40×₩4,5730.51×₩6,8650.77×₩9,7671.10×
Price / earnings (last 12 months: ₩1,005 a share)Now 3.56×₩4,3294.31×₩5,8175.79×₩9,6129.56×
P/E on run-rate earnings (Q2 2026 × 4: ₩940 a share)Now 3.81×₩4,0474.31×₩5,4395.79×₩8,9879.56×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
5.3%₩21,074₩23,892₩27,553₩32,503₩39,573
5.8%₩18,092₩20,252₩22,972₩26,506₩31,285
6.3%₩15,673₩17,369₩19,454₩22,079₩25,490
6.8%₩13,672₩15,030₩16,666₩18,678₩21,212
7.3%₩11,989₩13,094₩14,405₩15,984₩17,924

Now (TTM)

Market cap
₩99B
Enterprise value
₩146B
P/E
3.6×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,600₩4,540₩6,650₩5,200₩5,080
Market cap₩127B₩125B₩183B₩143B₩140B
P/E5.3×4.6×7.6×6.1×15.0×
P/B0.5×0.6×0.9×0.8×0.9×
P/S0.3×0.4×0.6×0.4×0.7×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Taekyung BK3.6×0.4×0.2×—0.0%
Tokai Carbon Korea30.7×4.3×7.0×—0.7%
Hanilcementco12.1×0.7×0.9×—6.0%
Wonik QnC13.8×1.2×0.7×—0.5%
Sampyo Cement16.9×0.8×0.9×6.0×2.2%
Hanil Holdings9.5×0.3×0.3×—5.9%
IS Dongseo5.2×0.3×0.4×—3.5%
Similar companies (median)13.0×0.7×0.8×6.0×2.8%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Taekyung BK / 태경비케이 / 014580 / KRX:014580

Source: KRX statistical information